XML 95 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 57.7 $ 45.5 $ 33.5
Adjustments to reconcile net income to net cash provided by operating activities:      
LIFO and inventory provisions 27.7 25.9 21.3
Amortization of debt issuance costs 0.8 0.8 0.8
Stock-based compensation expense 9.6 8.2 5.0
Bad debt expense, net 7.1 3.6 1.1
Loss (gain) on disposals 0.0 0.6 (0.4)
Depreciation and amortization 60.9 59.5 54.4
Foreign currency transaction losses (gains) 0.8 (1.8) (1.8)
Deferred income taxes (4.7) (0.1) 2.0
Pension termination settlement 0.0 0.0 17.2
Changes in operating assets and liabilities:      
Accounts receivable, net (5.2) 29.0 (32.7)
Other receivables, net (6.2) 4.3 8.0
Inventories, net (5.0) (34.4) (70.5)
Deposits, prepayments and other non-current assets (42.9) 23.6 (16.9)
Accounts payable (8.6) 31.0 50.2
Cigarette and tobacco taxes payable (20.0) (2.3) 40.7
Claims, accrued and other long-term liabilities 17.7 17.8 (18.3)
Net cash provided by operating activities 89.7 211.2 93.6
Cash flows from investing activities:      
Acquisition of business, net of cash acquired (2.5) (2.5) (169.0)
Additions to property and equipment, net (22.8) (20.1) (48.2)
Capitalization of software and related development costs (6.0) (2.0) (4.4)
Proceeds from sale of property and equipment 0.3 0.2 0.0
Net cash used in investing activities (31.0) (24.4) (221.6)
Cash flows from financing activities:      
Borrowings under revolving credit facility 1,692.6 1,769.9 1,708.6
Repayments under revolving credit facility (1,687.8) (1,938.1) (1,556.4)
Payments of financing costs 0.0 0.0 (1.8)
Payments of finance leases (5.6) (3.0) (2.1)
Dividends paid (20.7) (18.9) (17.2)
Repurchases of common stock (22.0) (15.5) (4.4)
Tax withholdings related to net share settlements of restricted stock units (2.2) (1.7) (3.7)
(Decrease) Increase in book overdrafts, net (25.5) 4.1 7.4
Net cash (used in) provided by financing activities (71.2) (203.2) 130.4
Effects of changes in foreign exchange rates (0.7) 2.1 (2.5)
Change in cash, cash equivalents and restricted cash (13.2) (14.3) (0.1)
Cash, cash equivalents and restricted cash at beginning of period 27.3 41.6 41.7
Cash, cash equivalents and restricted cash at end of period 14.1 27.3 41.6
Cash received (paid) during the period for:      
Income taxes, net (18.7) 10.1 (16.7)
Interest paid (12.0) (13.0) (9.2)
Non-cash indemnification holdback 0.0 0.0 5.0
Unpaid property and equipment purchases included in accrued liabilities 0.0 0.1 1.6
Non-cash transactions between other non-current assets and other long-term liabilities $ 4.7 $ 0.0 $ 0.0